[SGX]SHARES in Noble Group continued to fall in early trading on Tuesday
after newcomer short-selling firm Iceberg Research hit out at Noble's
classification of some firms as associates.

The counter slipped to a low of S$1.05 on Tuesday morning after
closing at S$1.11 on Monday. At around 9.15am, it was the second most
heavily traded stock by volume with some 9.18 million shares changing
hands.

In a report dated Feb 15, Iceberg - which says it has no short
position on the company - set a target price for the stock at just 10
Singapore cents per share. In the report, it raised the issue of whether
certain Noble units should be classified as associates or long-term
investments since the accounting treatment is different.
Australia-listed firm Yancoal was one of those highlighted.

In a response to a query from Singapore Exchange, Noble referenced
Iceberg's report and said that it "completely rejects" the allegations.
"All material information to which Iceberg Research refers is in the
public domain," it said. "There has been no material adverse change
since the company last reported."

Monday, February 16, 2015

[SGX] NOBLE Group's shares fell 11 Singapore cents or 9 per cent to S$1.095
as at 12.05pm on Monday, being the top volume-traded counter. Singapore
Exchange (SGX) issued a query regarding its trading activity. This is
the second such query issued by SGX to the company in the past five
months.

Iceberg Research issued a short-sell report on Noble, citing a price
target of S$0.1. In its summary of findings, it listed several
allegations, including that Noble exploits the accounting treatment of
its associates to avoid large impairments and fabricate profit.